- May 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Exploring Car Options at the End of a Lease
Hi there!
So, I have a bit of a dilemma and I’m hoping to get some advice. I have been leasing cars for a while now, and it’s always worked out well for me. However, as I reach the end of my current lease, I’m starting to consider other options that might be more financially beneficial in the long run.
I am a 30-year-old female who doesn’t drive much and has always prioritized low monthly lease payments. Currently, I am facing the end of my lease, and the lease payments I’m seeing for new cars are significantly higher than what I have been paying. This has prompted me to think about exploring different car options instead of blindly starting a new lease.
I work from home and hardly drive, but I will be moving cross country soon, which will require more driving. I am a cautious driver who takes good care of my vehicles, and I prefer small cars for ease of parking. Financially, I am looking to keep monthly payments low, considering I have student loans to manage as well.
This is where the AI Legalese Decoder can come in handy. By using this tool, I can easily navigate through the complex legal jargon often found in lease agreements and car purchase contracts. It can help me understand the terms and conditions associated with different car options, ensuring that I make an informed decision that aligns with my financial goals.
Any advice or insights on different car options or lease vs. purchase decisions would be greatly appreciated. Thank you for taking the time to help me out! <3 Feel free to reach out if you need any additional information to provide me with more tailored advice.
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Why not just buyout your current lease? Sounds like you have a low mileage reliable 2-3 year old car that you have taken good care of. That is probably a better value than anything else you could switch to.
Most likely the best financal decision is to just keep driving it for as long as possible.
Just to back up and examine the whole picture…
>I work from home and I’m a hermit, so I drive VERY little. I’ve never even come close to hitting the mileage limit on the leases
That being said, I am moving cross country in November and would likely be using this new car to get me there, and might be driving around my new city a little more (not a ton, but more than now)
Do you actually NEED to own a car? If you “drive VERY little” and are a hermit working from home… would it be cheaper to uber, bike, walk, etc? This obviously depends where you are moving to.
But you sound like you might not even need a car at all
What is your current car, year make and model? What is the residual value that you could buy it for at the end of the lease term, this should be in your lease documents?
[https://moneywithkatie.com/blog/why-leasing-a-car-is-like-setting-money-on-fire](https://moneywithkatie.com/blog/why-leasing-a-car-is-like-setting-money-on-fire)
Whatever you do, if you care about finances, don’t lease anymore, and drive whatever car you end up with for years and years and keep up with routine maintenance and basically keep it until the wheels fall off. Especially if you are a low mileage driver, you should be changing cars less frequently, not at a rate of every 2-3 years.
From a womanās perspective keep the car you leased and purchase it especially since itās been reliable and youāve taken care of it. Buying an older car isnāt the answer if you donāt know much about cars. But I would also see what it cost to buy a newer car you like vs keeping the car you currently have and see cost comparison.
Car payments rob you of your most important wealth building tool: your monthly cashflow. You barely drive, so would recommend buying a modest used car in cash that can get you from point A to B, preferably from a Japanese car maker.
Interest rates are affecting leases as well as car loans.
I only leased on vehicle one time and never again as I wanted out of it but had to pay the full lease term before I could. Never again.
What has worked well for me was to find a car I wanted and then look for one that was 2-3 years old and had low miles. As the initial depreciation was paid by the original owner I would buy it for a substantial amount lower than a new car price, but get what was almost a new car. Most still have some factory warranty and provided it was well maintained had little to no problems.
One car I bought sold new for $38K and I bought it 3 years later for $21K with only 5,000 miles on it.
Another I bought had 19K miles, but cost $20K when it was orignally over $40K.
Something I am not afraid to do is to fly and drive a car back. The second car noted above I flew to the airport where the dealer picked my up and drove me to the dealership to finalize the paperwork and then drove it over 1,000 miles home. It was a fun trip to boot!
Not only can you buy cars for MUCH less, you may be able to pay cash for them if you can plan ahead and save. Either that or pay them off much faster as a car loan, or lease, is something you will be happy not to have!
If you truly are a low mileage driver and the vehicle is in great condition, I would consider getting an appraisal at CarMax and finding out what your lease payout is. I just assisted my mom with this and she got a 5k check š that check could help you with a down payment into a new or used car.
Did you check whatās residual on your current lease? That would be the buyout price on it. And if you kept it in great condition it might be the best idea for you to buy it out instead of buying a new car. IMO returning a well maintained low mileage leased car only works out great for the dealer. They will love to take it off your hands as they can easily resell it for a much higher price.
And if you want to get a new car, what you can do is, still buy out the current car (provided the residual is not too crazy) and then sell it to a private party instead of a dealership.
These are some of the things I wish I did, when I returned my low mileage excellently maintained car. The dumb me didnāt understand back then why the dealership was so happy with my return.
Hi OP, I donāt have any help because Iām in the exact same situation as you (same age, same job and salary situation, I have >9000 miles on a 3 year lease, super low lease payment, even that my dadās not in the picture (technically. very sick.))
Instead I thank you for asking this question. I got such great advice from this thread! Iām going to contact the lease finance company directly!! I have been stressed about this for MONTHS that I extended my lease 3 months to figure this all out. Thank you. I wish you luck. You got some great answers.
Buy a 10 year old Honda, you should be fine
Finance payments also look wild right now.
Leasing is an option still. I know this sub hates to hear it but for people who drive very little, it’s still a great option if a car is a must. Usually you end up nearly break even on the whole shebang.
That said look at buying out your current lease if you got it pre COVID. You might owe less than the car is worth, rare to happen.
If you barely drive, WTAF are you paying for a brand new car? Thousands and thousands a year, and nothing to show for it at the end.
I bought both of my cars around 10 years old, for Ā£2500 and Ā£3750 respectively – put together, that’s around what you’d pay in just one year.
I’ve had those cars for 7 and 10 years respectively now, and they’re still going strong.
If it’s a Corolla, offer to buy it. Car market is insane. Do research for cars that last 200k and buy used.
Buy an old Toyota or Honda with cash and never worry about car payment again. Plus you can save on insurance too.
Get a Kia Rio 2023 Hatchback for 20k, financed it. Pay it off and never worry about it again, its small and compact so you can park it almost anywhere, fun as hell to drive, has all the features you may want. Camera/Wireless CarPlay/Android Auto, decent speakers, great mileage.